Protein Supplements Market

Protein Supplements Market Size, Share, Growth (2023-2028)

Protein Supplements Market size is expected to be USD 24.36 billion in 2023 to USD 38 billion at a CAGR of 9.30%% throughout the outlook period 2023-2028

Protein Supplements Market overview:

The increasing availability of nutritional supplements in organized retail stores is a major factor driving protein supplement sales. These products were previously available at certain outlets such as pharmacies, fitness stores, and specific retail stores. Therefore, the increasing number of gyms and health clubs is expected to drive the growth of the global protein supplements market during the projection period. Protein supplements are known to offer additional nutritional value to the regular food intake. They improve physical condition and performance by improving metabolism. Protein supplements are taken in conjunction with a proper diet to increase protein intake. Different types of protein have different purposes, such as whey protein facilitates the faster release of protein whereas casein for slower release. Protein supplements are different from amino acid supplements; because amino acid supplements are taken in small doses for a specific purpose. Protein powders are made from animal and plant sources.

Recent Developments in Protein Supplements Market

• Glanbia plc completed the purchase of Isopure, a premium sports nutrition products maker in the USA for about USD 153 million. Glanbia plc, the global nutrition, and performance ingredients group, announced that it has agreed to acquire The Isopure Company, LLC. Isopure is an American provider of premium brand sports nutrition products. The business is focused on ready-to-drink formats, primarily through Internet, specialty, and direct distribution channels. Isopure's premium brand complements Glanbia's Global Performance Nutrition business portfolio and the acquisition further consolidates GPN's market leadership position.

• Iovate Health Sciences International, Inc. announced that it has entered into a definitive agreement to receive a majority stake in Xiwang Foodstuffs Co., Ltd., which is listed in Shenzhen. All executives and senior executives, along with its current 330 employees, will remain in place to take the company to the next level of growth.
   

Protein Supplements Market Drivers and Restraints:

The global protein supplement market is estimated to register significant growth during the envisioned period. The increasing availability of nutritional supplements in organized retail stores is a major factor driving protein supplement sales.

These products were previously available at certain outlets such as pharmacies, fitness stores, and specific retail stores. A growing customer base has led retail stores, such as supermarkets and hypermarkets, to stock protein supplements, making shopping easier. The high availability of protein supplements in online stores has also had a positive impact on global sales. This increase can be attributed to increased health awareness and changing demographic factors, such as increasing youth populations in India, China, Indonesia, and the United States, among others. Protein supplement manufacturers have taken advantage of this fact by reinventing sports nutrition by fortifying their products with ingredients that promote health, wellness, and overall fitness; they also target new consumers. These establishments further push consumers to take protein supplements to increase their immunity and build muscles. Whey and soy protein are the most commonly used ingredients in protein supplements, along with other ingredients made from edible milk and nuts, to enhance nutritional value and provide a variety of flavors. Therefore, the increasing number of gyms and health clubs is expected to drive the growth of the global protein supplements market during the projection period.

Protein Supplements Market Segmentation:

The global Protein Supplements market can be divided based on

• Type

• Form

• Source

• Distribution Channel

• Age Group

• Gender

Depending on the type, the growth of the protein supplement market is studied through the different varieties such as casein, whey, egg, soy, and other segments including peas, wheat, rice, canola, gelatin, collagen, etc. Among these types, the whey protein segment represents a larger share of the worldwide protein supplements market. Whey is the liquid by-product that remains after the milk has curdled and is an excellent source of BCAAs.

Based on the form, the global market is divided into

• protein bars

• RTD liquid

• powder

Depending on the source, the market is mainly bifurcated into plants and animals. By the distribution channel, the market is separated into specialist sports stores, health food stores, nutrition stores, chemist/drugstore, online, hypermarket/supermarkets, and others.

Based on age group, the protein supplement market is divided into

• millennials

• generation X

• baby boomers

In the age group segment, millennials are expected to account for a larger share of the protein supplement market consumption. Millennials are known to be the favorite customers of various protein products and other supplements. Most millennials adopt a healthy lifestyle to feel and look good. According to gender, the protein supplement market is studied in the male and female segments. Among the two demographic segments, the male segment is expected to have greater traction than the female segment, as the male population seeks performance-enhancing supplements for various physical activities, while the female population has less preference for them. The male segment is more concerned in terms of health and nutrition. Men are looking for protein nutrition to improve their performance. The male segment strives for more power and energy to support their high intensity exercise or training. As a result, men consider taking supplements before and after training.

Protein Supplements Market Regional Analysis:

The Global Protein Supplements Market has been categorized based on geography into the regions of

• North America

• Asia Pacific

• Europe

• Latin America

• Middle East and Africa

Due to the increase in the number of health-conscious customers in most developed regions, North America represents a larger share of the global market for protein supplements. The US health and fitness industry is expected to grow at a faster rate during the forecast period and shows no signs of slowing down. This is attributed to the increase in the number of American consumers who are adapting to a healthy lifestyle or participating in activities that promote active health and good health. Currently, about 20% of American adults are members of a gym and the number is expected to increase in the future. There is an increase in demand for healthy foods due to the increase in the number of health-conscious customers. Nonetheless, the Asia Pacific is also estimated to record substantial growth in this industry in the coming years.

Protein Supplements Market Key Players

Prominent players in the Global Protein Supplements Market include

• Vitaco Health Limited

• Abbott Laboratories

• Suppleform

• Maker Nutrition LLC

• Herbalife International of America, Inc.

• General Nutrition Corporation (GNC Holdings Inc.)

• GlaxoSmithKline Plc

• Glanbia Plc.

• Amway Corporation

• ABH Pharma Inc